NEW YORK, May 30 (Reuters) - U.S. stocks bounced back on Thursday from declines in the prior session as weaker-than-expected economic data kept afloat the belief stimulus measures by central banks will likely continue.

First-time claims for unemployment benefits unexpectedly rose in the latest week while the government’s latest reading on first-quarter gross domestic product came in slightly below forecasts.

The softer-than-expected data helped quiet speculation that the Federal Reserve may begin to trim its stimulus measures sooner than had been expected.

“The mentality of late has been, buy the market on weak data because it is going to keep the Fed involved because they are going to pump in liquidity,” said Dan McMahon, director of equity trading at Raymond James in New York.

Stocks’ performance has been closely tied lately to perceptions about central bank policy. Shares tumbled on Wednesday as U.S. Treasury bond yields rose to the highest level in 13 months on concerns the Fed would curb its bond-buying because of signs the economy was strengthening.

Pending home sales rose 0.3 percent in April to the highest level since April 2010, but analysts were expecting a 1.1 percent rise.

On Tuesday, reassurances from central banks around the world that programs would remain intact had boosted equity prices.

One of the trademarks of the rally this year has been the ability of equities to quickly recover from any losses, with only five losing weeks in 2013.

“It is this buying on dips phenomenon,” said Tim Ghriskey chief investment officer of Solaris Group in Bedford Hills, New York. “It is literally cash that is sitting on the sidelines looking for pullbacks and we have had a bit of one here.”

Loose monetary policies by central banks around the world have lifted stock markets, driving both the Dow and the S&P 500 to record highs this year. The S&P 500 is up more than 16 percent this year so far.

In company news, Costco Wholesale Corp reported third-quarter earnings that beat expectations by a penny, though sales were below forecasts. Shares edged up 0.4 percent to $113.41.